The application process is administered by IIE in the United States. Initial inquiries should be made with that agency. The Fulbright IIE website contains detailed information and application instructions. The competition generally opens in the spring and the application deadline is generally in early October, but applicants should see https://us.fulbrightonline.org for all information, including precise information on the application timeline.
The number of total grants can vary between years, but typically four or five grants are available. Applications in all disciplines are welcome. Grants include a stipend intended to cover living expenses for a 9-month academic year, a travel stipend and baggage allowance, access to enrichment activities in Iceland and supplemental accident and sickness insurance coverage. It should be noted that the stipend is intended to pay for basic living expenses only, based on dormitory-style accommodations.